A re-imagining of the fairy tale "Jack and Beanstalk," and loosely based on the 1962 movie of the same name, Jack the Giant Killer tells the story of a young boy who fights a giant in order to save a princess. It's written by Darren Lemke and Mark Bomback. However, Deadline reports it wasn't until Singer's The Usual Suspects screenwriter Christopher McQuarrie worked on the script that New Line Cinemas and financier Warner Bros. felt comfortable giving the movie the go ahead. Now all Singer has to do is cast the lead role.

According to the Deadline report, Singer is still interested in casting Aaron Johnson (Kick-Ass), though nothing is official at this point. Singer reportedly met with Johnson about the role in May, along with Andrew Garfield, who has since been cast as Peter Parker in Sony's reboot of Spider-Man. The report claims that New Line is "seeing a lot of other young actors" for the role, which was described as "the role that young actors are circling."